Hindustan Construction Company, one of country's largest builders, will revamp the financial structure of its Lavasa arm and decide whether to revive plans for an IPO after the unit won environmental clearance last week to resume construction after a year's delay, its chairman said.
A local court today directed the Lavasa Corporation, promoters of the Lavasa hill city here, to submit certain documents related to the project. Chief Judicial Magistrate N T Ghadge also asked lawyers representing the Maharashtra Pollution Control Board (MPCB), to submit more documents in the case.
The ball is definitely in Greece's court as the referendum on bailout package and Prime Minister Papandreou's vote of confidence at the parliament has global markets glued to newsflow from there. Moneycontrol.com puts together a weekly wrap of what all happened over the week ended November 4, 2011. Check out!
The Maharashtra government has filed an application in the Pune Magistrate Court against Lavasa as per the directions of the Bombay High Court & the ministry of environment and forests (MoEF).
Maharashtra government is set to initiate proceedings against Lavasa promoters in a Pune court, sources said on Friday.
Maharashtra government will move the magistrate court at Pune 'in a day or two' against Lavasa, HCC's flagship project, for environmental violation. "The Government will file a case against Lavasa for violating section 15 of the Environment (Protection) Act," sources in the environment department said.
Maharashtra Government is going to initiate a criminal case against Lavasa promoters soon, reports CNBC-TV18.
Chairman of the company Ajit Gulabchand tells CNBC-TV18 that he finds the Maharashtra government acting as an agent of the MoEF.
Environment Ministry has asked Maharashtra Government to file case against Lavasa. They wrote to Maharashtra Chief Secretary to take action against Lavasa. There will be no final order unless Maharashtra government takes action.
On the insistence of the Environment Ministry, the Maharashtra government is likely to file a case against the company under the Environment Protection Act, reports CNBC-TV18's Mehak Kasbekar.
SP Tulsian of sptulsian.com joins CNBC-TV18 to give his outlook on select stocks.
Ajit Gulabchand, chairman and managing director of HCC joins CNBC-TV18 to take us beyond the company's Q2 numbers and highlight the way forward for HCC.
Hindustan Construction Company (HCC) touched an intraday high of Rs 27.20 and an intraday low of Rs 26.80. At 09:36 hrs the share was quoting at Rs 26.95, down Rs 0.30, or 1.10%. Maharashtra government is going to take action against Lavasa within 2 weeks, reports The Economic Times.
Maha govt to take credible action against Lavasa; HC told
The Environment Ministry (MoEF) has refused to grant its green nod to the first phase of HCC's subsidiary Lavasa’s project till the company meets the governments' preconditions, reports CNBC-TV18's Mehak Kasbekar.
Giving a last chance, Bombay High Court today directed the Union Ministry of Environment and Forests (MoEF) to pass the final order on regularization application of the Lavasa Corporation, with regard to constructions at township project near Pune, in three weeks.
Having earlier submitted to the jurisdiction of the environment ministry, HCC subsidiary Lavasa today objected to the ministry's pre-conditions for environmental clearance. Lavasa claims the pre-conditions are stringent and not indicated in the form of an order, reports CNBC-TV18's Ashwin Mohan.
Environmental woes for HCC's Lavasa may soon be over. The Environment ministry is likely to give a green signal to phase 1, reports CNBC-TV18’s Mehak Kasbekar quoting sources. It is learnt that Lavasa will have to comply with five conditions, including undertaking to not repeat violations.
Om Prakash Gupta, Managing Director of the company told CNBC-TV 18 that the company is expecting sales of Rs 300 crore in FY12, which will propel the company to grow at the rate 50%.
In a chat with CNBC-TV18 Radhika Gupta, director, Forefront Capital Management answred stock related queries.
In what could be a prelude to some kind of settlement between Lavasa and the ministry of environment and forests, the company's counsel is seeking to withdraw petitions at the Bombay High Court against the ministry. The counsel also seeks to pursue pending applications with the ministry.
The environment protection act of 1986 may soon be amended by the ministry of environment and forests to increase the penalty on Lavasa, reports CNBC-TV18 citing sources.
The Ministry of Environment and Forests (MoEF) may agree with the expert appraisal committee's conditional (EAC) nod, reports CNBC-TV18’s Mehak Kasbekar quoting sources.
After being given a lifeline, Lavasa applied afresh for environmental clearance to the first phase of its Rs 3000-crore hill city project near Pune, which is being considered by a high-level committee.
HCC subsidiary Lavasa looks all set for a long and protracted litigation at the Bombay High Court as the environment ministry today showed no signs of warming up to a possible settlement. CNBC-TV18’s Ashwin Mohan reports on the courtroom action, settlement buzz and the ministry's response.